Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-06-16-Speech-3-973"
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"en.20100616.24.3-973"2
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"We voted against this report, not out of hostility towards Estonia, but to protest against the fact that Estonian citizens were not consulted via a referendum on this crucial issue. Recent months have proved that the euro is neither a solution nor a form of protection, but a major contributory factor to the crisis. The last few weeks have demonstrated that ultimately, the euro area’s problem is perhaps more to do with Germany than with what we contemptuously call the PIGS. Mrs Merkel, draped in her splendid arrogance, refuses to compromise in areas where she demands compromise from others. Everyone must stand by Germany, its exporting economy, its phobia for inflation, even when the policies that this imposes are absolutely contrary to the interests of its partners.
We can see clearly what this has led to in France: the sacrifice of competitiveness on the altar of franc-mark parity, then that of the ‘strong’ euro, budget constraints that exacerbate economic difficulties, an explosion in prices and a drop in purchasing power during the transition to the euro. Moreover, Mrs Merkel’s Germany is playing a dangerous game by demanding austerity, which risks causing a contraction of demand among its main customers."@en1
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